CORPORATE RECORD MANAGEMENT

Submitted by lcmisoi@mainsl.com on Tue, 04/21/2020 - 19:15
Policy: 

Mains’l retains all corporate related records in a secure location for the period of time required by law.

Corporate records are retained as indicated below.  Electronic (soft) copies are stored in the agency’s document management software or in appropriately apportioned secure folders, unless originals are required to be maintained, as indicated.  Original paper (hard) copy records are located in a secure location.  Most corporate documents are maintained by the director of administrative services or controller.
RETENTION GUIDELINES ARE AS FOLLOWS:

 

Category Longest Retention Period Paper or Electronic Copy
Real Estate Records 
Deeds/Mortgages
Title Papers
 		 Permanently
Permanently
 		 Paper and/or Electronic
Paper
 

Legal Documents
Articles of Incorporation
Contracts and Leases (still in effect)
Contracts and Leases (expired)
Legal Correspondence
Minutes (Board and Shareholders)
Partnership Agreements
Stock Certificates and Ledgers
Trademark and Related Papers

Tax Records
Tax Returns
 

Permanently
Permanently
10 years
Permanently
Permanently
Permanently
Permanently
Permanently

Permanently
 

Both
Electronic
Electronic
Electronic
Both
Both
Paper
Paper

Paper and/or Electronic
 

 

Procedure: 

DESTRUCTION OF RECORDS
Corporate records are shredded based upon above timelines, and removed by an authorized document destruction service provider.  

ACCESS OF RECORDS
The CEO, CFO, VP of administration, controller, and director of administrative services are authorized personnel to have access to corporate records, with limited access by the corporate administrative coordinator for filing and retrieval purposes.